The EIA’s reported crude-oil-stock build followed a 3.8-million-barrel draw reported by the American Petroleum Institute (API) yesterday, October 12.
The EIA reported crude stock draws on the US West Coast (USWC)and Midwest and builds throughout the rest of the country. The US Atlantic Coast (USAC) saw the largest build, with stocks rising 1.216 million barrels to 13.244 million barrels.
USAC imports were up 230,000 barrels per day (b/d) at 1.219 million b/d, while inputs fell 23,000 b/d to 1.124 million b/d. Refiners on the USAC were operating at just 69.7% of capacity, down 1.3 percentage points on the week. USWC refinery operations tumbled 8.1 percentage points to 76.8% of capacity, while Midwest refiners were operating at 89.6% of capacity, down 4.2 percentage points.
Overall, US refiners were operating at an average of 84.2% of capacity, down 3.5 percentage points, with the only increase seen in the Rockies region, which, with just 624,000 b/d of crude oil distillation capacity, represents a fragment of total US refining capabilities.
The declines appeared to be primarily seasonal, with refiners taking units down for fall maintenance; similar declines were seen in October 2010. US imports were 386,000 b/d higher last week at 9.086 million b/d, the EIA data showed.
Distillate stocks fell 2.929 million barrels to 154.005 million barrels last week in a counter-seasonal move as demand weakened and imports fell. Analysts projected a 600,000-barrel draw in distillates.
Of total distillate stocks, heating oil inventories fell 800,000 barrels to 39.3 million barrels, with the USAC heating oil stock level unchanged at 31.5 million barrels.
US ultra-low-sulfur-diesel stocks were down 5.6 million barrels to 101.4 million barrels, with a 1.9 million barrels draw seen in the USAC to 24.3 million barrels.
Demand for distillates fell 32,000 b/d to 4.068 million b/d, but was some 369,000 b/d above year-ago levels of 3.704 million b/d, EIA data showed. Imports of distillates were down 91,000 b/d to 117,000 b/d.
In gasoline, stocks fell 4.134 million barrels to 209.595 million barrels with draws seen across most of the country as demand rose. Total USAC gasoline stocks were down 1.5 million barrels to 53.8 million barrels, with a 1.6-million-barrel draw seen in the USGC. Analysts expected a 100,000-barrel increase in gasoline stocks.
While gasoline stocks fell, so did imports, which were down 87,000 b/d to 418,000 b/d. On the USAC, gasoline imports declined 17,000 b/d to 380,000 b/d.
The EIA data showed that gasoline demand was up 52,000 b/d to 9.010 million b/d, greater than year-ago levels of 8.812 million barrels.
For the week ending October 7, API data reported a 3.119-million-barrel draw in US distillate stocks to 151.9 million barrels. It also showed a 1.193-million-barrel draw US gasoline stocks, to 211.206 million barrels.
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